Twitter consumer @0x_shake, who recognized himself because the founding father of the Solana-based Cyber Samurai NFT venture, famous that regardless of a $1.2 billion valuation, Decentraland has simply 30 day by day energetic customers (DAUs).
Decentraland ( $MANA ) has 30 Each day Energetic Customers
and a $1.2 Billion Market Cap pic.twitter.com/u4MBNsWvwk
— SHAKE (@0x_shake) October 6, 2022
The info was pulled from DappRadar however is beneath scrutiny given the low variety of DAUs. An alternate information supply confirmed a discrepancy within the information, however the quantity of DAUs per the choice information supply was nonetheless within the a whole lot.
Nonetheless, the discovering has reignited a number of dialogue factors, together with metaverse tokens (and cryptocurrency generally) being a speculative pursuit, the pointlessness of market cap valuations, and the shortage of curiosity within the metaverse.
Decentraland (MANA) is caught in a worth droop.
Decentraland (MANA) is a digital world platform on Ethereum enabling customers to create, expertise, and monetize content material and purposes. Its two-day-long Preliminary Coin Providing (ICO) ended on August 19, 2017, elevating $24.14 million.
The venture prides itself on being “owned by its customers,” which is achieved by a Decentralized Autonomous Group (DAO) that permits customers to vote on the platform’s future course.
“The primary absolutely decentralized world, Decentraland is managed by way of the DAO, which owns crucial good contracts and belongings of Decentraland. By way of the DAO, you resolve and vote on how the world works.”
Decentraland operates utilizing MANA, an ERC-20 token giving the precise to vote, and LAND, an ERC-721 (non-fungible) token. MANA is burned to accumulate LAND. In flip, LAND is used to pay for numerous issues within the digital world, together with avatars, wearables, and names.
However shopping for digital land requires Ethereum or MANA and is purchasable instantly from the Decentraland Market or OpenSea.
Per CryptoSlate information, MANA’s 24-hour quantity got here in at $121 million, the present market cap is $1.31 billion, and the token is down 9% year-to-date and 88% down from its all-time excessive of $5.85, achieved in November 2021.
Even earlier than the Terra UST implosion, the value of MANA was on a pointy downtrend. Since late August, the token has settled right into a slim buying and selling band, with the $0.68 stage appearing as assist.
Is DappRadar correct?
Commenting on the low variety of Decentraland DAUs, Coindesk reporter Sam Reynolds stated DaapRadar information counts the variety of day by day customers interacting with good contracts on the platform.
If that’s the case, this could indicate DAUs are underestimated, as customers could also be actively “enjoying” in Decentraland but not triggering good contract obligations, equivalent to buying and selling avatar wearables. Even so, the DAU determine per DaapRadar is extraordinarily low.
Information from dapp.com explicitly states its information on customers refers to “the variety of wallets that had interacted with a dapp’s good contracts.”
The chart beneath reveals an approximate median baseline of 600 customers since July 8. Customers on October 5 got here in at simply 312.